6) Upgrade or Overhaul
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if the fixed asset is upgraded or given a major overhaul to extend its life,
the expenditures must be capitalized and depreciated; cost accountants
should preform a cost/benefit analysis to determine if the benefits will
outweigh the costs
,GL accounts are what kind of data in the ERP?
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master data
Cost centers and profit centers are integral to what type of accounting?
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responsibility accounting - based on the concept that every cost incurred
in the organization is hte responsibility of someone.
Traditional Costing
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allocates indirect manufaturing costs using a single predetermined rate
(plant-wide overhead rate)
Management accounting
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generates information to support the needs of internal decision-makers;
Management accounting involves identifying, measuring, analyzing,
interpreting, and communicating business information to internal
constituents at all levels of the company for the purpose of pursuing the
, company's business objectives; with management accounting we can be
creative b/c no SEC or GAAP to follow; must be set up right to use it well
General Ledger VS Subsidary Ledger
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subsidiary ledger is like hte break-down of the general ledger; it shows
more detail. ex) AR is the general ledger which shows the sum total $ owed
to us; AR subsidiary ledger is the break down of the individual customers
who owe us and what they owe
finanacial accounting
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is the reporting of the financial postion and performance of an
organization through financial statements issued to external users on a
periodic basis.; important during configuration
A bill of material (BOM) is
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master data in the ERP system, listing all the direct materials and their
quantities required to produce a finished product
Give this one a try later!
if the fixed asset is upgraded or given a major overhaul to extend its life,
the expenditures must be capitalized and depreciated; cost accountants
should preform a cost/benefit analysis to determine if the benefits will
outweigh the costs
,GL accounts are what kind of data in the ERP?
Give this one a try later!
master data
Cost centers and profit centers are integral to what type of accounting?
Give this one a try later!
responsibility accounting - based on the concept that every cost incurred
in the organization is hte responsibility of someone.
Traditional Costing
Give this one a try later!
allocates indirect manufaturing costs using a single predetermined rate
(plant-wide overhead rate)
Management accounting
Give this one a try later!
generates information to support the needs of internal decision-makers;
Management accounting involves identifying, measuring, analyzing,
interpreting, and communicating business information to internal
constituents at all levels of the company for the purpose of pursuing the
, company's business objectives; with management accounting we can be
creative b/c no SEC or GAAP to follow; must be set up right to use it well
General Ledger VS Subsidary Ledger
Give this one a try later!
subsidiary ledger is like hte break-down of the general ledger; it shows
more detail. ex) AR is the general ledger which shows the sum total $ owed
to us; AR subsidiary ledger is the break down of the individual customers
who owe us and what they owe
finanacial accounting
Give this one a try later!
is the reporting of the financial postion and performance of an
organization through financial statements issued to external users on a
periodic basis.; important during configuration
A bill of material (BOM) is
Give this one a try later!
master data in the ERP system, listing all the direct materials and their
quantities required to produce a finished product
